ExxonMobil Corporation
Location: Irving, Texas, United States Founded: November 30, 1999 Key People: Darren Woods (Chairman & CEO) Employees: 71,000 More About The Manufacturer: Since the 1911 Standard Oil Trust breakup, Jersey Standard used the trademark Esso, a phonetic pronunciation of the initials "S" and "O" in the name Standard Oil, as one of its primary brand names. However, several of the other Standard Oil spinoffs objected to the use of that name in their territories, and successfully got the U.S. federal courts in the 1930s to ban the Esso brand in those states. In those territories where the ban was in force, Jersey Standard instead marketed its products under the Enco or Humble names. In 1935, Socony Vacuum Oil opened the huge Mammoth Oil Port on Staten Island which had a capacity of handling a quarter of a billion gallons of petroleum products a year and could transship oil from ocean-going tankers and river barges. In 1940, Socony-Vacuum purchased the Gilmore Oil Company of California, which in 1945 was merged with another subsidiary, General Petroleum Corporation. In 1947, Jersey Standard and Royal Dutch Shell formed the joint venture Nederlandse Aardolie Maatschappij BV for oil and gas exploration and production in the Netherlands. In 1948, Jersey Standard and Socony-Vacuum acquired interests in the Arab-American Oil Company (Aramco). In 1955, Socony-Vacuum became the Socony Mobil Oil Company. In 1959, Magnolia Petroleum Company, General Petroleum Corporation, and Mobil Producing Company were merged to form the Mobil Oil Company, a wholly-owned subsidiary of Socony Mobil. In 1966, the Socony Mobil Oil Company became the Mobil Oil Corporation. Humble Oil became a wholly-owned subsidiary of Jersey Standard and was reorganized into the United States marketing division of Jersey Standard in 1959. In 1967, Humble Oil purchased all remaining Signal stations from Standard Oil Company of California (Chevron) In 1969, Humble Oil opened a new refinery in Benicia, California. In 1965, Jersey Standard started to acquire coal assets through its affiliate Carter Oil (later renamed Exxon Coal, U.S.A.). For managing the Midwest and Eastern coal assets in the United States, the Monterey Coal Company was established in 1969 Carter Oil focused on developing synthetic fuels from coal. In 1966, it started to develop the coal liquefaction process called the Exxon Donor Solvent Process. In April 1980, Exxon opened a 250-ton-per-day pilot plant in Baytown, Texas. The plant was closed and dismantled in 1982. n 1972, Exxon was unveiled as the new, unified brand name for all former Enco and Esso outlets. At the same time, the company changed its corporate name from Standard Oil of New Jersey to Exxon Corporation, and Humble Oil became Exxon Company, U.S.A. The rebranding came after successful test-marketing of the Exxon name, under two experimental logos, in the fall and winter of 1971-72. Along with the new name, Exxon settled on a rectangular logo using red lettering and blue trim on a white background, similar to the familiar color scheme on the old Enco and Esso logos. Exxon replaced the Esso, Enco, and Humble brands in the United States on January 1, 1973. In 1976, Exxon, through its subsidiary Interior, entered into a partnership with Colombian state-owned company Carbocol to start coal mining in Cerrejón. In 1980, Exxon merged its assets in the mineral industry into newly established Exxon Minerals (later ExxonMobil Coal and Minerals). In the same year, Exxon entered the oil shale industry by buying a 60% stake in the Colony Shale Oil Project in Colorado, United States, and 50% stake in the Rundle oil shale deposit in Queensland, Australia. On May 2, 1982, Exxon announced the termination of the Colony Shale Oil Project because of low oil prices and increased expenses. In 1998, Exxon and Mobil signed a US$73.7 billion merger agreement forming a new company called Exxon Mobil Corp. (ExxonMobil), the largest oil company and the third-largest company in the world. This was the largest corporate merger at that time. At the time of the merge, Exxon was the world's largest energy company while Mobil was the second-largest oil and gas company in the United States. The merger announcement followed shortly after the merge of British Petroleum and Amoco, which was the largest industrial merger at the time. Formally, Mobil was bought by Exxon. Mobil's shareholders received 1.32 Exxon's share for each Mobil's share. As a result, the former Mobil's shareholders receives about 30% in the merged company while the stake of former Exxon's shareholders was about 70%. The head of Exxon Lee Raymond remained the chairman and chief executive of the new company and Mobil chief executive Lucio Noto became vice-chairman. The merger of Exxon and Mobil was unique in American history because it reunited the two largest companies of Standard Oil trust. The merger was approved by the European Commission on September 29, 1999, and by the United States Federal Trade Commission on November 30, 1999. As a condition for the Exxon and Mobil merger, the European Commission ordered to dissolve Mobil's partnership with BP, as also to sell its stake in Aral. As a result, BP acquired all fuel assets, two base oil plants, and a substantial part of the joint venture's finished lubricants business, while ExxonMobil acquired other base oil plants and a part of the finished lubricants business. The stake in Aral was sold to Vega Oel, later acquired by BP. The European Commission also demanded to divest of Mobil's MEGAS and Exxon's 25% stake in the German gas transmission company Thyssengas. MEGAS was acquired by Duke Energy and the stake in Thyssengas was acquired by RWE. The company also divested Exxon's aviation fuel business to BP and Mobil's certain pipeline capacity servicing Gatwick Airport. The Federal Trade Commission required to sell 2,431 gas stations in the Northeast and Mid-Atlantic (1,740), California (360), Texas (319), and Guam (12). In addition, ExxonMobil should sell its Benicia Refinery in California, terminal operations in Boston, the Washington, D.C. area and Guam, interest in the Colonial pipeline, Mobil's interest in the Trans-Alaska Pipeline System, Exxon's jet turbine oil business, and give-up the option to buy Tosco Corporation gas stations. The Benicia Refinery and 340 Exxon-branded stations in California were bought by Valero Energy Corporation in 2000. In 2002, the company sold its stake in the Cerrejón coal mine in Colombia, and copper-mining business in Chile. At the same time, it renewed its interest in oil shale by developing the ExxonMobil Electrofrac in-situ extraction process. In 2014, the Bureau of Land Management approved its research and development project in Rio Blanco County, Colorado. However, in November 2015 the company relinquished its federal research, development and demonstration lease. In 2009, ExxonMobil phased-out coal mining by selling its last operational coal mine in the United States. In 2011, ExxonMobil started strategic cooperation with Russian oil company Rosneft to develop the East-Prinovozemelsky field in the Kara Sea and the Tuapse field in the Black Sea. In 2012, ExxonMobil concluded an agreement with Rosneft to assess possibilities to produce tight oil from Bazhenov and Achimov formations in Western Siberia. In 2018, due to international sanctions imposed against Russia and Rosneft, ExxonMobil announces that it will end these joint ventures with Rosneft, but will continue the Sakhalin-I project. The company estimates it would cost about $200 million after-tax. ExxonMobil is still a part of the fuel supply in many racing cars, most notably F1 cars, that have made their way into iRacing to this very day. Category:North American Fuel Suppliers Category:American Fuel Suppliers Category:Fuel Suppliers